@article {29498, title = {Serial Default and the {\textquotedblleft}Paradox{\textquotedblright} of Rich-to-Poor Capital Flows}, journal = {American Economic Review}, volume = {94}, number = {2}, year = {2004}, note = {{\textcopyright} Copyright 2004 by the American Economic Association. Posted with permission. One copy may be printed for individual use only. NBER Working Paper 10296}, pages = {52{\textendash}58}, author = {Carmen M. Reinhart and Kenneth Rogoff} }